On May 30, 2017, Texas House Bill 2492 made its final ascent to the office of Governor Greg Abbott. The bill passed through the Texas Legislature virtually unopposed. Assuming Governor Abbot signs the legislation, surplus...more
As we previously reported, the Non-Admitted Insurance Multi-State Association (“NIMA”) had announced its intentions to dissolve, with a run-off period until September 30, 2017 to allow for endorsements to be filed through the...more
Earlier this month we reported that Florida had withdrawn from the Non-Admitted Insurance Multi-State Association (“NIMA”), a compact between various state to distribute surplus lines premium taxes. We can now report that...more
The Florida Surplus Lines Office (“FSLO”) has reported that, effective June 1, Florida will withdraw from the Nonadmitted Insurance Multi-State Agreement (NIMA). Filings after June 1 will now be filed with the FSLO and not...more
The Louisiana House of Representatives’ Bill 259, effective July 1, 2015 as Act 386, repeals the authority of the state’s insurance commissioner to enter the Non-Admitted Insurance Multi-State Agreement (“NIMA”) or other...more
Louisiana’s legislature recently enacted House Bill 259, which cuts the surplus lines tax rate from 5 percent to 4.85 percent. The law, which also eliminates the insurance commissioner's authority to enter into the...more
Wisconsin, which was an Associate Member of the Nonadmitted Insurance Multi-State Agreement, Inc. (“NIMA”) until June 30, 2015, announced this week that it will not become a full tax-sharing member of NIMA. As such, effective...more
Preface: States’ Implementation Of NRRA In 2014: The Nonadmitted and Reinsurance Reform Act (“NRRA”) came into effect on July 21, 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The...more